Membership Benefits

These are the new Regulations governing membership of retirement Benefits schemes and payment of Benefits to scheme members

Scheme membership cannot be limited on the basis of discrimination or discretion
Scheme rules may provide option for member to withdraw, defer Benefits or transfer funds to another scheme on cessation
Member cannot withdraw from scheme while still in employment of sponsor
Payments of Benefits upon withdrawal following cessation of service to be in accordance with scheme rules
Benefits to vest within a reasonable period
Benefits cannot be assigned
Benefits to be paid to nominated beneficiary but trustees may vary on proper written grounds
Benefits to be commuted upto 1/3 in case of contributory scheme, upto 1/4 in non-contributory scheme, and fully in case of additional voluntary contributions
Provision for payment of Benefits in case of disability or death